Home Table of Contents

§ 5902. Loan Terms.

10 CA ADC § 5902BARCLAYS OFFICIAL CALIFORNIA CODE OF REGULATIONS

Barclays Official California Code of Regulations Currentness
Title 10. Investment
Chapter 7.95. Trade and Commerce Agency: Repair Underground Storage Tank Loan Program
10 CCR § 5902
§ 5902. Loan Terms.
(a) In addition to the Loan terms established by Government Code section 15399.14, each Loan Agreement shall include the following terms and conditions:
(1) A description of security and collateral for the Loan and conditions pertaining thereto, as determined by the Office, and agreed to by the Applicant.
(2) A provision that the Borrower shall pay late charges in the event of a default.
(3) An affirmative covenant by the Borrower that it shall continuously comply with any applicable federal, state, or local requirement, including requirements for operating Underground Storage Tanks throughout the term of the Loan.
(4) An agreement that all work funded with Loan proceeds shall be performed by a licensed contractor as defined in title 10, California Code of Regulations, section 5250(i).
(b) Disbursements shall be in stages, and each stage shall require conditions precedent to disbursement. The stages, and conditions precedent to disbursement for each stage, are as follows:
(1) If the Borrower is removing the Project Tank, disbursement is conditioned on:
(A) Providing to the Office an executed contract for removal by a licensed contractor with costs consistent with the Project budget contained in the Loan Agreement; and
(B) A valid Permit issued by the Local Agency authorizing removal of the Project Tank.
(2) If the Borrower is upgrading the Project Tank, disbursement is conditioned on:
(A) An executed contract for upgrading the Tank by a licensed contractor with costs consistent with the Project budget contained in the Loan Agreement;
(B) A valid Permit issued by the Local Agency authorizing removal of the Project Tank if removal is part of the Project; and
(C) A copy of the Local Agency authority to close the Tank site if closure is part of the Project.
(3) If the Project is Tank replacement, disbursement is conditioned on providing to the Office:
(A) An executed contract for removal of the old Tank and placement of a new Tank by a licensed contractor with costs consistent with Project budget contained in the Loan Agreement;
(B) A valid Permit issued by the Local Agency authorizing removal and replacement of the Tank; and
(C) A copy of the Local Agency authority to close the Tank site if closure is part of the Project.
(4) If the Project is to take Corrective Action; disbursement is conditioned on providing to the Office:
(A) An executed contract for Corrective Action by a licensed contractor with costs consistent with Project budget contained in the Loan Agreement; and
(B) A valid Permit issued by the Local Agency for the Project.
Note: Authority cited: Section 15399.16, Government Code. Reference: Section 15399.14, Government Code.
HISTORY
1. New section filed 2-8-90 as an emergency; operative 2-8-90 (Register 90, No. 7). A Certificate of Compliance must be transmitted to OAL within 180 days or emergency language will be repealed by operation of law on 8-7-90.
2. Repealed by operation of Government Code section 11346.1(g) (Register 91, No. 13).
3. New section filed 2-25-91 as an emergency; operative 2-25-91 (Register 91, No. 13). A Certificate of Compliance must be transmitted to OAL by 8-26-91 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 2-25-91 order including amendment of subsection (b) transmitted to OAL 5-24-91 and filed 6-24-91 (Register 91, No. 40).
This database is current through 6/17/22 Register 2022, No. 24
10 CCR § 5902, 10 CA ADC § 5902
End of Document